Xcel Energy price target raised to $84 from $80 at BMO Capital

BMO Capital raised the firm’s price target on Xcel Energy (XEL) to $84 from $80 and keeps an Outperform rating on the shares. The firm cites the company having announced that it reached agreements in principle to resolve all litigation related to the 2021 fire, noting that investor focus should now turn to its Q3 earnings call highlighting an update Xcel’s best-in-class EPS/rate base growth, the analyst tells investors in a research note. BMO adds that Xcel’s footprint gives it access to one of the most renewables-rich regions in the U.S., while its coal and PPA-heavy supply portfolio provide it with cost-effective de-carbonization opportunities.